TEG suffers from delays to Bolton facility
Chorley-based recycling firm TEG Group said its revenues for last year will be affected because the construction of a fourth Greater Manchester composting facility has been delayed.
TEG, which operates and develops biogas plants for producing compost, has been given planning permission for a site in Bolton. TEG already has sites in Bredbury, Trafford Park, and Rochdale.
In an announcement on the London Stock Exchange, TEG said the facility was due to be constructed by the end of 2010. However, the severe weather in the latter part of the year has caused a delay and the facility will now be operational early this year.
Construction firm Costain agreed a £38m deal with TEG to build the four facilities, as part of the Greater Manchester Waste Disposal PFI contracts.
TEG said in a statement: "As a consequence of the delay, revenues that had been planned to be booked in 2010 will now not be booked until the Instruction to Proceed is issued in 2011, and TEG will now not meet the current market forecasts for the year to 31 December 2010. A pre-close year end trading update will be issued in January 2011 once the 2010 trading year has been completed."
